Outdoor clothing company Patagonia donates $10 million tax cut
Rather than take their $10 million tax break and put it in their pockets, outdoor clothing giant Patagonia chose to give it away in the name of saving the environment.
In December 2017, President Donald Trump signed a massive tax cut into law that largely benefits wealthy individuals and corporations.
As the law kicked in, Patagonia discovered it would receive a $10 million cut. The company already pays their employees well, according to the Washington Post, better than most companies do.
So, Patagonia CEO Rose Marcario decided to put the money to better use in order to make sure that her employees have a healthy planet to live on in the future.
“Based on last year’s irresponsible tax cut, Patagonia will owe less in taxes this year—$10 million less, in fact,” Marcario wrote in a letter. “Instead of putting the money back into our business, we’re responding by putting $10 million back into the planet. Our home planet needs it more than we do.”
Citing various natural disasters around the world caused by climate change that is putting one million species at risk of extinction and threatening our health and the economy, Marcario explained that taxes should be used by the federal government to improve our lives, not enriching CEOs who don’t need any more wealth.
“We have always paid our fair share of federal and state taxes,” she wrote. “Being a responsible company means paying your taxes in proportion to your success and supporting your state and federal governments, which in turn contribute to the health and well-being of civil society. Taxes fund our important public services, our first responders and our democratic institutions. Taxes protect the most vulnerable in our society, our public lands and other life-giving resources. In spite of this, the Trump administration initiated a corporate tax cut, threatening these services at the expense of our planet.”
Since the federal government under Trump won’t use taxes for good causes, Patagonia will.
“We recognize that our planet is in peril,” Marcario concluded. “We are committing all $10 million to groups committed to protecting air, land and water and finding solutions to the climate crisis. We have always funded grassroots activism, and this $10 million will be on top of our ongoing 1% for the Planet giving. It will go a long way toward funding grassroots groups; including those dedicated to regenerative organic agriculture, which may be our greatest hope for reversing the damage done to our overheated planet. In this season of giving, we are giving away this tax cut to the planet, our only home, which needs it now more than ever.”
If only other corporations would be just as generous.
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